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Watch the 8 and 13-day on ICE – NYMEX is negative

Published Tuesday, July 22nd, 2014

August ICE: The headline read yesterday that the uptrend on this contract is still intact yet the contract lost some value and closed lower. Not only it did settle down but further selling is putting additional pressure on it this morning. Despite this negative performance it is pre-mature to write off the uptrend. The reason to say this is that only the 5-day M/A, currently at 37.60, was closed below yesterday. This morning the 8-day M/A at around 37.22 has been broken below but the 13-day M/A (36.71) has held, so far. It was advised in yesterday’s report that a dip to the 8-day was a buy and these long positions should be protected on a close below the 13. Those who decided to go long on yesterday’s or this morning’s weakness should cut back on their exposure on an intra-day break and go flat on a close below 13-day.

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Posted by Tamas Varga

Tamas Varga has been in the oil industry since 1992 and with PVM for 18 years. During his time in the industry he has gathered a range of experience in the oil markets. At PVM Tamas is in charge of data collection and analysis.